In a year marked by monumental strides in real estate, Black business tycoons have emerged as formidable players in the property market. A constellation of influential figures, including music and entertainment legends like Dr. Dre, Jay-Z, Beyoncé, and Rick Ross, orchestrated strategic transactions that reshaped the real estate landscape.
The spotlight shines brightly on Beyoncé and Jay-Z, who boast a combined net worth of more than $3 billion, as they clinched a historic milestone by acquiring the most expensive property in California’s storied history — a jaw-dropping $200-million acquisition, etching their names in the annals of West Coast real estate history.
Not to be outdone, other notable transactions have been executed across the nation. In Miami, Florida, the renowned African-American mogul and record executive William Leonard Roberts II, known as Rick Ross, acquired a magnificent $35-million Star Island mansion, further affirming his status as a real estate connoisseur.
Dr. Dre also joined this illustrious list by selling his Mediterranean-style Calabasas mansion for $6 million. The enterprising spirit of Black entrepreneurship extends beyond the United States, with Nigerian tech billionaire Gbenga Agboola making a statement with his $7.1-million acquisition of a lavish Miami residence.
Billionaires.Africa meticulously documented these impactful real estate transactions by Black billionaires and multimillionaires, and here are the top five from this year.
- Jay-Z and Beyoncé’s $200 million Malibu marvel
In May, power couple Jay-Z and Beyonce, with a combined net worth exceeding $3 billion, added a dazzling chapter to their story by investing a jaw-dropping $200 million in an opulent Malibu mansion. Nestled within the exclusive Paradise Cove neighborhood, often dubbed “Billionaires’ Row,” this sprawling 30,000-square-foot architectural marvel showcases a fusion of concrete and glass, treating its occupants to awe-inspiring vistas of the Pacific Ocean. While it might not clinch the title for the most expensive residential purchase in the United States (presently held by Ken Griffin’s $238 million NYC penthouse), Jay-Z’s acquisition stands as the most expensive home ever sold in the Golden State.
- Rick Ross’ $35 million Star Island gem
In August, the renowned African-American mogul and music impresario, William Leonard Roberts II, professionally known as Rick Ross, made a bold real estate move by acquiring the illustrious Star Island mansion in Miami, Florida, for an astounding $35 million. Nestled on Biscayne Bay with picturesque views of Miami Beach, this waterfront property sprawls across a 40,000-square-foot lot. Boasting six bedrooms, 8.5 bathrooms, an office, an opulent entertainment room with a bar, a panoramic-view balcony, a summer kitchen, a rejuvenating jacuzzi, a heated pool, and a 40-foot dock, this mansion is the epitome of luxury.
- Robert L. Johnson’s $20 million Palm Beach haven
In June, the trailblazing Robert L. Johnson, founder and former chairman of BET (the first Black-owned U.S. cable television network) and the first Black billionaire, captivated headlines with his $20 million acquisition of a luxurious mansion within the esteemed Old Palm Golf Club in Palm Beach Gardens. Spanning an impressive 13,600 square feet, this residence boasts five bedrooms, six bathrooms, and one half-bathroom, according to property records. Originally built in 2011, it underwent an extensive renovation overseen by renowned architect Roger Janssen of Dailley Janssen Architects, interior designer Tamara Magel, and Lavelle Construction.
- Gbenga Agboola’s $7.1 million Miami high-end retreat
In March, Nigerian tech billionaire and entrepreneur Gbenga Agboola secured a luxurious high-end residential property in Miami for a reported $7.1 million, purchased from Boschetti Group, a renowned Florida-based real estate development company. This sprawling property, located at 4585 Nautilus Drive, reflects the success of Agboola, the co-founder and CEO of Flutterwave, a fintech unicorn with operations in San Francisco and Lagos. The property was acquired from an LLC managed by Jose R. Boschetti, Jr., the vice president of Boschetti Group.
- Dr. Dre’s $6 million Calabasas crown jewel
Andre Romelle Young, known as Dr. Dre, the African-American rap icon turned business mogul, bid adieu to his Mediterranean-style Calabasas mansion, selling it for $6 million. Situated within the guard-gated Mountain View Estates community, this 9,378-square-foot gem underwent an extensive transformation, emerging as a showplace. The residence boasts six bedrooms, seven baths, wide-plank oak floors, soaring ceilings, designer light fixtures, and high-end granite, marble, and tile finishes. This sale marked a nearly $1-million profit for Dr. Dre, who acquired the property in 2018.
Before the year’s end, several noteworthy property deals are in the pipeline. Among them is the listing of Jamaican-Canadian billionaire entrepreneur and philanthropist Michael Lee-Chin’s opulent estate on Grand Cayman’s Seven-Mile Beach, with an asking price of $35 million.
Additionally, Kanye West has decided to part ways with his concrete mansion nestled in the Hollywood Hills, putting it on the market for $3.69 million. West is looking to capitalize on a lucrative sale after having owned the expansive property for a decade.
